- Buyers stay away, expecting near-term price drops
- Sponge prices stable, ingot falls on weak demand
BigMint’s domestic end-cutting scrap index, tracking the Mandi Gobindgarh market, declined by INR 200/tonne (t) d-o-d to INR 38,700/t DAP on 31 March 2026. The decline comes amid thin trading activity on the final day of the fiscal year, with buyers restricting purchases to immediate requirements.
Muted trading weighs on sentiment
Mandi Gobindgarh, a key benchmark for the secondary steel segment, reported subdued activity across both sessions. Despite continued tightness in scrap availability, driven by weak imported inflows, market participants refrained from aggressive buying. A mill stated, “Following the previous day’s sharp uptick, the market turned cautious, with widening bid-offer gaps and expectations of a near-term price correction.”
Alternative raw material prices
Sponge iron (CDRI) prices in Mandi Gobindgarh remained stable d-o-d at INR 33,700/t amid limited demand. Meanwhile, steel-grade pig iron prices in Ludhiana moved up by INR 400/t to INR 42,050/t DAP.
Steel market trends
Ingot prices in Mandi Gobindgarh declined by INR 100/t to INR 44,900/t DAP on reduced transaction volumes. In other major production centres, ingot prices declined by INR 100-600/t d-o-d.
Rebar (Fe500) prices in Mandi rose by INR 200/t to INR 50,900/t despite moderate to weak trade.
Upcoming scrap auctions
Price highlights
End-cutting to billet spread: In Mandi, the spread between end-cutting scrap and billets stood in the range of INR 5,900-6,300/t.
Domestic vs imported scrap: Imported melting scrap prices at Nhava Sheva Port were assessed at $372/t, approximately INR 37,402/t (inclusive of freight). HMS (80:20) prices in Mumbai remained firm d-o-d at INR 35,100/t DAP. Indicative prices of shredded from Europe stood at $392/t CFR Nhava Sheva.
Raipur sponge iron-billet spread: The conversion spread (margin) between pellet-based DRI (P-DRI) and steel billets in Raipur stood at INR 15,000/t.
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